Key points of note from J.P.Morgan's latest...>

BONDS: Key points of note from J.P.Morgan's latest European client survey,

conducted yesterday:

- Multi-currency European real money investors in EGBs modestly added to their

longs (from +0.15 years to +0.17 years). Exposure back to the longer end of the

range observed since early '16.

- Single-currency European real money investors in EGBs also added long duration

exposure (from +0.38 years to +0.44 years).

- Investors modestly added to their bullish intra-EMU tightening exposure (52%

net long vs. 48% prev.). Their current exposure is towards the most bullish end

of the range since '16 but still short of the peak at the start of QE (80%).

- European multi-currency investors in U.S. Tsys remain long (from +0.08 years

to +0.07 years).

- Single-currency investors in GBP turned broadly neutral (from +0.05 years to

-0.01 years). UK real money investors have typically been short or neutral GBP

duration over the past few years.

- N.B. "years" measurement represents deviation from respective benchmarks.